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China is United States' biggest creditor once again

Just as US President Donald Trump seeks to target Beijing over what he thinks are "unfair trade practices," the Treasury Department has confirmed that China has more holdings of US debt than any other nation.

The Treasury Department reported that China's huge holdings of US government debt soared to a total of $1.15 trillion (980 billion euros) in June, marking a jump of $44 billion month on month.

In 2016, the trade volume between the two nations amounted to $578 billion, with China exporting goods to the US to the tune of $347 billion.

Beijing has used large parts of the revenues from its exports to the US and other nations to buy Treasuries while considering the United States as a safe haven for its money.

China's drive to lend huge amounts of money to the US government has not gone down well with many lawmakers and economists in the world's biggest economy who are afraid of Beijing's increasing leverage.